The Fig equity crowdfunding platform has finally finished its review process with the United States Securities and Exchange Commission. That means non-accredited investors who made reservations to fund games like Psychonauts 2 months ago now have the opportunity to actually purchase equity in the game.
Fig was launched more than a year ago with the goal of allowing fans to share in the profits earned by their favorite games. When it initially launched in August 2015, there were only two options available to fans: traditional, rewards-based backing and equity investment by accredited, high net-worth individuals. But starting in December 2015, Fig opened investment to non-accredited investors as well, meaning basically anyone can invest through Fig.
Non-accredited investment was included as an option in the campaigns for both Psychonauts 2 and Consortium: The Tower. But the SEC review process dragged on for months. Reservations had been taken, but non-accredited investors’ money was not able to be collected until the review process ended. Now that the review is over, Fig and several development teams will need to chase down these non-accredited investors and get them to pay up.
All challenges aside, the SEC’s approval marks a huge milestone for Fig and its partners. They are now the first company able to take non-accredited investment for games, which puts them in a unique position in the crowdfunding industry.
"Enabling fans and communities to directly support and financially benefit from their favorite games is transformative to the publishing of interactive entertainment and beyond," said Justin Bailey, founder and chief executive officer of Fig, in a press release issued today. "Fig is committed to evolving video game publishing and crowdfunding in this direction that benefits fans, communities, and developers, and ultimately to the making of great games."
After many months without any campaigns, Fig has announced three in quick succession. Make Sail, a physics construction game focused on building and sailing boats, launched its campaign just yesterday. Next up is indie title Trackless, and later into October comes the campaign for InXile Entertainment’s Wasteland 3. All are expected to allow rewards-based, accredited and non-accredited investment options.
Polygon has reached out to the teams at Fig and Double Fine for more details, and expects to have additional information next week.